Concurrent resolution expressing the sense of Congress that certain economizing and tax reform measures shall be taken to assure through a fiscally responsible Federal budget for fiscal 1974 effective action to promote national security, stable prices, tax justice, full employment, quality education and health care, environmental protection, safe and improved living conditions in urban and rural areas, and equal opportunity for all Americans.

Makes it the sense of Congress that: (1) equally rigorous economics shall be applied by congressional review to military, foreign assistance, space programs, and unwarranted tax preferences; and (2) Congress shall set as a target for action by the relevant committees with respect to the proposed Federal budget for fiscal 1974: (a) the realization of savings of $5,000,000,000 to $7,000,000,000 by paring unneeded weapons development, by reducing excessive forces in the military, and by economizing in foreign assistance and space programs, and (b) the elimination of unwarranted tax preferences in the Internal Revenue Code, to produce additional revenues of $5,000,000,000 to $7,000,000,000.

Declares that these budgetary resources shall be redirected to promote full employment, quality education and health care for citizens, environmental protection, safe and improved living conditions in urban and rural areas, and equal opportunities for all Americans.